Forming Business Partnerships
How to Form a Business Partnership
Benefits and risks, do I really need partner(s)?
Who is a good fit? 16 questions to ask
What to include in the partnership agreement
Protecting yourself right from the start
Alternatives to equity-sharing
If you’re an entrepreneur, or even someone who has been in your own business for a while, there may be advantages to having business partner(s) such as: more capital, expanded sales reach, retaining talent, additional skill set to expand your products and services.
However, there are also downsides. What seems like a good match now might not turn out well in the long run when the bloom is off the rose. Other than your gut feel, how do you evaluate someone? How do you protect yourself, your family and your future interests? If you decide that partnering is not for you, what alternatives are there that might help you achieve your goals?
This ebook will help you explore the rewards and risks of taking on business partners. You’ll benefit from the authors’ 78 years of combined experience both as legal and consulting professionals as well as owners in small business partnerships.
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Discover the most important things you need to know and answers to your most pressing concerns about forming a successful business partnership.
- You’ll find a list of 16 questions as well as two exercises to help you pinpoint if a candidate is a good fit for you.
- You’ll decide if partnering is really the right choice, and what the other alternatives are (maybe you want to ‘date’ before the ‘wedding’).
- You’ll find out what goes into a business partnership agreement so you can come prepared to your lawyer and reduce your costs.
- You’ll go into a partnership with your eyes open about what will make it a failure or success.
- You’ll prepare and protect yourself so that if you ever have a business breakup, you will still come out a winner.
- Your family will be protected if something should happen to you.
From The eBook...
Sixteen questions to help you evaluate a potential business partner. “Question # 3. How did the idea for this business develop? Together you brainstormed it, wrote it on a napkin, now you’re in a partnership to bring it to life. Is it a good idea to be partners based solely on this? No. There will be lots more work together to make it into a business. A true business partner is reliable and trustworthy, not just a good idea generator.” The rest can be found on pages 9-11
From The eBook...
Sixteen questions to help you evaluate a potential business partner. Question # 5. Make sure your partner candidate has the same emotional investment as you do. If you’re highly committed to the business’ success and your partner isn’t, there will be friction every day that you work harder than she does, especially if you’re setting it up as a 50-50 split. Make the split indicative of all of the commitments, including time, financial, emotional, intellectual property or any other. Be prepared, as these may change as you re-evaluate your partnership each year. The rest can be found on pages 9-11
From The eBook...
Case Study “A and B became partners in a new tech startup because they wanted to create a business. They shared a vision for a solution that could be used to solve a particular problem. They also heard from venture capitalists and other tech strategists that partnering was encouraged. A was very numbers oriented, … B was more people oriented, … B took some time off to handle family issues and A resented it because he would not have made the same choice.” Find out how this was resolved. Page 6
From The eBook...
“So you and your partner(s) have never gotten around to having a written partnership agreement? “It protects everyone and gets real clarity about what to do if something unexpected happens: illness, death, accident, business sale, business growth, business closure, as well as retirement or just plain changing your mind about how you want to spend your time. This is the best time to get the partnership agreement done, while everything is going well and you both can be objective.” Page 14
“This book provides invaluable insight and guidance on the importance of properly setting up a partnership. Often times, we get so excited in starting a business, that we overlook the importance of selecting the right partner/s. Having the right partner can sometimes make or break the business and potentially taking it to the next level. This is a book that should not be overlooked when looking to establish a partnership for anyone starting a business.”
David Hom, Restaurant Owner
“I printed out and reviewed your ebook! Looks great! And it’s full of wonderful ideas for those ever considering taking on a partner. Excellent!”
John DeSisto, Avanti Associates, Ltd.
The Business Divorce Institute, From Prevention to Finalization
Get immediate access to this easy-to-read ebook and learn:
- How to save money, time and stress by preparing yourself
- How to protect yourself and your family
- How your healthy partnership fosters business growth
- How you can get out of a seemingly hopeless business partnership
- The details of forming, growing or breaking up a business partnership
(The ebook will also be sent to your email address.)
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Business Divorce Institute, From Prevention to Finalization